H N Sinor quits Bank Board Bureau

In an unexpected move, veteran banker H N Sinor has quit as the member of Bank Board Bureau (BBB).

The board was constituted last year by Prime Minister Narendra Modi to improve governance in public sector banks, reported India Today.

According to sources, the resignation comes within days of sudden changes in the top management of two large public sector banks — Punjab National Bank and Bank of India.

Headed by former CAG Vinod Rai, BBB was set up to suggest the banks to develop a robust leadership succession plan through appropriate human resource processes, including performance management systems.

BBB, which was set up in April 2016, was originally constituted to recommend names for chiefs of public sector banks and financial institutions and help state-owned lenders in developing strategies and capital raising plans.

After Sinor’s resignation, Anil K Khandelwal, former CMD at Bank of Baroda and Rupa Kudwa, former MD & CEO at Crisil are the only two members left at BBB.

Its role was further enhanced in October 2016 when it was assigned the task of advising the government on an extension of tenure or termination of services of the board of directors of state-run banks and financial institutions.

Recently, PNB Managing Director Usha Ananthasubramanian was shifted to Kolkata-based Allahabad Bank while head of Bank of India (BoI) Melwyn Rego was moved to Syndicate Bank.